Author: Nikolai Dimitrov
Date: 7 September 2017
Do not make investment decisions based on this article – read the disclaimer before you proceed and leave the website if you disagree with it.
It is the 7th of September 2017 today. This review takes into consideration investing in MONACO at its current price at $10
MONACO – just another card to spend you cryptos with?
How do I rate an investment in this project at the current price? (TL:DR)
Before I started looking into Monaco I had the general idea that it is a scam, that it has no future and that TenX is the superior product. I still believe more in TenX, but there is a considerable amount of energy spent on Monaco and depending on the next few weeks this can be one of the major players.
The token is based on the Ethereum Blockchain and it allows you to spend your currencies seamlessly like fiat money on the spot. You can download the app from their official website – https://www.mona.co/. This app looks quite sophisticated, it does not have a lot of options yet, but you can see that it was not made by a high schooler. You can reserve your card on it and check the roadmap. There are different cards you can choose from. BUT, in order to get a card first, Visa has to approve Monaco for the issuing rights. It was announced that this would happen on 31.08.2017, which did not happen and the price sank almost three times from the top this hype created. Currently there are almost 10 000 cards reserved. In order to get a card you must send at least 50(more for the different cards) Monaco to the app, where they will stay at least 6 months locked. After that you can get them back.
The supported cryptocurrencies will be BTC, ETH, Monaco and some of the most prominent ERC 20 Tokens. The cards have different unique bonuses(except the basic card where you do not need to lock any Monaco). A good one is the 0.75% cash back in Monaco for all purchases you make, whereas at TenX you only get 0.1% back. But Monaco does not offer the 0.5% from all transactions spread to the TenX holders. There is also one incredible feature that is announced – up to 10% cash back on different buyables on different websites.
Another feature that is quite more superior to TenX is that Monaco is going to be (presumably) a direct issuer of the cards, where TenX are just the middle man between us and the card issuing company. But yet again, TenX are already functioning and you can order your card now and pay with it.
The Visa announcement is supposed to come out this month. Basically if they reject Monaco, this crypto is going to be dead for a long time, if they would still want to work on it. But if they are approved, well you can check what happened to the price in anticipation of this announcement (also the app, but Visa is the main target), imagine what will happen after a real one.
One last thing I want you take into consideration is that Vitalik Buterin has invested in the TenX project, where he is also an adviser.
- Website: does it look good/presentable– It looks standard and comparable to most cryptocurrency websites. Well made and comprehensible.
- Roadmap – in the website https://www.mona.co/company.
- Whitepaper – yes, but they are about the release a new one – https://bravenewcoin.com/assets/Whitepapers/monaco-whitepaper.pdf
- What is their progress according to the roadmap – step 11, just before the most important one.
- Website: Domain name or TLD comment. Is it a quick wordpress template, a 2-hour html job or a custom design with lots of work, money and thought thrown at it– looks custom, somebody accused it of being a copy
- What new does this cryptocurrency bring to the world, what problem does it solve, what does it stand for– Comparing to TenX it it is not so different, just more cashback, and they could issue their own Visa cards.
- How does the cryptocurrency name sound (does it sound legit and like a good brand name)– After some communication with the team(yes they do respond), it turns out that his name is chosen after a conversion rate analysis. Addition by Kaloyan: Monaco is prestigious, rich and gorgeous country where over 2000 billionaires live. I can see how that name has been chosen to attract people. I like it a lot.
- How does the logo look– the logo represents a lion. Like they are the king of spending crypto. We will see soon enough.
- Is it a PoW, PoS or PoW/PoS coin, what is the mining difficulty or APR, does it suffer from inflation– N/A.
- Who is behind the cryptocurrency – are they shady figures, or have they placed their names and pictures on the website; what is their track record and reputation; do a quick google/github research on them– the founders have a lot of experience in creating companies. But Kris Marszalek, currently 2600 followers on twitter, is associated with a failed company, which causes some concern. The development team is stable.
- What is the limit on supply of coins in circulation – 31,587,682 – among the lowest. At several dollars per coin, already factored in the price, probably.
- Is there a link to the source code – couldn’t find anything. Worrying.
- When was the last commit made, and how frequent are commit – Blank
- How many developers participate in the coding process – it is not clear, but there are 2 advisers on blockchain technology with a substantial experience in founding companies, computing and smart contracts.
- What the project survival relies on– the upcoming Visa announcement.
- Will this project survive a cryptocurrency bubble burst and does/will it have enough of a following that needs it every day – If the Visa announcement is negative, they do not stand a chance if this happens soon. But even with a positive outcome, so far they have only around 10 000 reserved cards, which is not a lot. If it gets adopted to e higher degree then yes totally.
- Competition – TenX, Metal, Centra, Tokencard, more cards – Cryptopay, Payza, Bitpay, SatoshiTango, Xapo. Spectrocoin, Uquid.
Exchanges and trading
Which exchanges (and how reputable they are) is the coin traded on, what is the daily trading volume and market cap – 80% goes to Bittrex and the rest is split among some good exchanges.
- Daily trading volume – at the peak on 28th of August it was around $70 Million, now it is around $5 Million.
- Market cap $95 Million.
- Are there buy (support) or sell (resistance) walls – evenly distributed, but huge sell orders at the 0.003 range. Very thin sell walls for a possible small gain currently.
- How does the chart look it was in a clear downtrend, now it stabilized at what some people call rock bottom, but we will see as the announcement keeps not coming.
- Is there a Bitcointalk forum Announcement thread – yes –https://bitcointalk.org/index.php?topic=1926269.0
- How many pages is it 182
- History of the coin according to the forum and general public impression of the coin throughout– People are generally supporting this project. The vibe is positive. There are some people concerned that this might be a scam and that the Visa approval will never come since it did not happen on the presented date, but most are really bullish and all are waiting to get their lamboats 😀 – a Lamborghini boat.
- Do they have a blog, anything interesting on it? No, but they have a faq https://www.mona.co/faq
- Is there a slack channel – https://slack.mona.co/, the atmosphere is very positive and bullish, extremely supportive, also Kris Marszalek, one of the founders, is responding to questions in the slack, also kindly enough to me in on PMs.
- How many members on slack – almost 5 000.
- Is there a Twitter profile for the cryptocurrency and does it post regular updates, how many followers – https://twitter.com/monaco_card, almost 3k followers, posts are almost daily.
- Is there a Facebook page for the cryptocurrency and does it post regular updates, how many likes – https://www.facebook.com/Monaco-Card-1355426087883151/?fref=ts, around 2500 likes, posts are rare.
Popularity and perception
- What does a quick google search tell us about the coin – did not find anything alarming. Mostly articles describing the project.
- Are there youtube videos about the coin – plenty, mostly positive.
- What is the general sentiment in the comment section below the videos (constructive, fud/hype, calling out scam etc) people, mainly TenX investors, claim how much more superior their project is and how Monaco is a scam, supporters also, quite controversial comments.
- Is the coin associated with illegal/criminal activity or the dark web– no.
Thank you for your time spent reading this article. The internet is huge and I might have missed some information or read something that is not true. Feel free to criticize and point out any mistakes, in fact, please do criticize, this is the best growing mechanism. Let us make some money.
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